THE QUIZ: true or false
1. BEING PRE-QUALIFIED IS MORE IMPORTANT THAN BEING PRE-APPROVED FOR A MORTGAGE:
2. WHEN BUYING A HOME "FOR SALE BY OWNER," YOU CAN USE A BUYER'S AGENT:
3. YOU SHOULD EXPECT TO PAY 3-6% OF THE PURCHASE PRICE FOR CLOSING COSTS:
4. A HOME INSPECTION WILL TYPICALLY COST YOU $400-500 AND IS A BUYER'S EXPENSE:
5. YOU SHOULD START LOOKING AT HOMES BEFORE GETTING PREAPPROVED.
6. THE PURCHASE PRICE OF YOUR HOME SHOULD BE AS CLOSE AS POSSIBLE TO THE MORTGAGE AMOUNT THAT YOU HAVE BEEN APPROVED FOR
THINGS TO think about
When you own a home it's important to have money set aside for unknown expenses such as home maintenance / repairs, increase in property taxes, an emergency plan for paying your mortgage in the event you wouldn't have income, and other misc. items.
04. How long will you live in the house?
When deciding which home is the right fit, consider what your needs are now and in the near future. Knowing an average timeframe of how long you expect to stay in your first home will help you to focus on the features that are the most important.
02. Can you cover the cost of repairs?
While owning your home has a long list of wonderful benefits, it also comes with added responsibility. There isn't a landlord to call if your refrigerator stops working or you have a problem with your plumbing. You'll want to be prepared for unknown expenses.
05. What are you comfortable spending monthly?
The amount of your mortgage payment isn't the only expense that comes with owning a home. You'll also need to budget for taxes, homeowners insurance and possibly private mortgage insurance. Decide what you're comfortable spending monthly when figuring out your budget.
03. Do you know your credit score?
If you're a few months out from starting this process, you'll want to know what your current credit score is as this can impact the type of loan you qualify for Meet with a lender to see if there are actions you should take to try and increase it before starting the actual house hunting process.
06. What are the most important features you want in a home?
Remember to prioritize the features that can't be changed. You can always get new carpet or add a fresh coat of paint but things like location, lot size and number of bedrooms can't be changed.
QUESTIONS TO ASK a real estate agent
QUESTIONS TO ASK a mortgage lender
1.WHAT TYPES OF LOAN PROGRAMS DO I QUALIFY FOR? (CONVENTIONAL, FHA, VA, USDA, ETC.)
2. WHAT’S THE MINIMUM DOWN PAYMENT REQUIRED FOR EACH OPTION?
3. WHAT’S THE CURRENT INTEREST RATE, AND IS IT FIXED OR ADJUSTABLE?
4. WHAT WILL MY MONTHLY PAYMENT LOOK LIKE INCLUDING TAXES, INSURANCE, AND HOA FEES IF APPLICABLE?
5. WHAT’S THE DIFFERENCE BETWEEN BEING PRE-QUALIFIED AND PREAPPROVED?
6. WHAT CREDIT SCORE DO I NEED TO QUALIFY FOR THE BEST RATES?
7. ARE THERE ANY FIRST-TIME BUYER ASSISTANCE OR GRANT PROGRAMS AVAILABLE?
8. WHAT ARE THE CLOSING COSTS, AND CAN ANY OF THEM BE NEGOTIATED OR COVERED BY THE SELLER?
9. HOW LONG DOES THE LOAN PROCESS USUALLY TAKE FROM APPLICATION TO CLOSING?
10. WILL YOU BE MY MAIN POINT OF CONTACT, AND HOW DO YOU TYPICALLY COMMUNICATE WITH CLIENTS?
STARTER KIT:
No. 1 : Set up a Zoom or Coffee Consult. This is a time where we will connect further on your goals, timeline, and ideals (location, type of property, must haves / dealbreakers) as well as discuss what Buyer Agency is.
No. 2: Get pre-approved so you know how much you can afford, (remember to consider what you are comfortable spending monthly, not just what the approval amount is for).
*I have a list of trusted lender recommendations who I've worked with directly if you need a referral!
No. 3: We will set up a custom home search that meets your wants / needs.
Then it’s time to start saving homes that you want to set up private tours for.
No 4. Leave the rest up to me! I will walk you through all of the questions you have and guide you through each step of the home buying process.
QUIZ ANSWERS:
4. A Home Inspection will typically cost you $400-500 and is a buyer's expense:
5. You should start looking at homes before you have a pre-approval?
I’m Emma, your DSM Home girl, here to not *only* help you find the house to call ‘home’, but to love where you live in the 515,
sharing everything from motherhood, to local features and seasonal guides,
to a weekend lineup of what to *add to calendar* (or maybe even the perfect stay at home regimen if enjoying your mortgage is on your preferred plans!)
A hill I’ll die on: social media is meant to be SOCIAL, not salesy, so I share a lot of behind the scenes on IG @emma.buyiowa.
I’m here to be your local resource for everything real estate.. and I look forward to connecting with you!